Oil Prices Plummet as Trump's Iran Measures Loom

Oil prices fell on Monday as investors awaited new measures from the US to pressure Iran economically. The global oil benchmark, Brent crude, dropped 1.8% to around $93 a barrel, while the US oil benchmark, West Texas Intermediate (WTI), declined by 2.3% to about $85 a barrel.

The decline comes ahead of the expected announcement from the US Treasury Secretary Scott Bessent on new economic pressure against Iran. Bessent described the move as an 'economic D-Day' for Iran, stating that the six-month war with Iran is entering its endgame.

Brent crude prices are still nearly 30% higher than before the war began, according to The New York Times. Investors are now focused on what new steps President Donald Trump's administration will take against Iran.